When married couples in Texas determine that it is time to call it quits, it is not a simple task to complete. Their property and finances need to be considered. Furthermore, if the couple has children, custody and support of those children will need to be determined. The endless list of issues and factors that need to be evaluated and decided can cause disputes, which in turn could lengthen the process. Getting a divorce does not always need to be complex, and when both sides come together in order to reach an amicable divorce agreement, the separating couple could dissolve their marriage effectively and timely.
A recent report highlights the fact that divorcing couples will often overlook significant details during a divorce. It is not only proper to understand the laws of the state and how it will shape the divorce process, but it is crucial to recognize how divorce can impact assets and property.
When it comes to assets, divorcing couples should indicate what is considered marital property and what remains personal property. Once that is determined, the assets are divided based on factors such as length of marriage, income, education, contribution to marriage and the need for spousal support. Although this is the majority standard in property division, in community property states like Texas, almost all of the marital assets are divided in half. Furthermore, debt will be divided equally as well.
Assets such as retirement assets and social security are often a major concern. This is especially true if the couple is divorcing later in life. In these cases, the length of marriage, age of each spouse, earning capabilities and contribution to marriage will help determine the distribution of these assets.
Finally, divorced couples should seek to modify or amend their estate planning instruments following a divorce. This can ensure that everything is carried out properly in the event of their death. Moreover, it will ensure that their assets are properly protected.
The divorce process can be complex and includes numerous steps. This is why most divorcing couples do not take on the process lightly or alone. It is best to seek the guidance of a qualified professional in order to understand their situation better and to ensure they handled everything that needed to be taken care of in the divorce proceedings.